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WBA: Check with Bank on Overdraft Changes
Posted on August 5th, 2010 No commentsThe Wisconsin Bankers Association advised that customers should check with their bank to see how overdraft changes will be handled come Aug. 15. Read more at Channel3000.com.
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Banks Develop Opt-In Overdraft Programs
Posted on April 13th, 2010 No commentsAssociated Bank, Bank Mutual and U.S. Bank are now working to develop opt-in overdraft programs by the July 1 deadline. Last November, the Federal Reserve Board ruled that financial institutions may no longer charge customers fees for overdrafts on one-time debit card purchases and ATM withdrawals unless the customer consents to an overdraft service. Read more in the Small Business Times of Milwaukee.
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Associated Included in Class-Action Suit
Posted on April 5th, 2010 No commentsA class action lawsuit filed Friday in U.S. District Court questions the way that Green Bay-based Associated Bank calculates and charges overdraft fees when customers use debit cards. Other banks in the lawsuit include bank of America, Citibank, JPMorgan Chase, Union Bank, U.S. Bank, Wachovia and Wells Fargo, the Wisconsin State Journal reported.
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Informing Consumers About Overdraft Changes
Posted on March 3rd, 2010 No comments“In the coming months, your bank or credit union will likely be contacting you to tell you about new rules that affect overdraft rules and fees,” begins a story from WKOW-TV in Madison.
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USA Today Takes Aim at Overdraft Protection
Posted on July 9th, 2009 No commentsEven as regulators crack down on abusive mortgage and credit card practices, another type of lending threatens to mire consumers in a credit trap, writes the Oshkosh Northwestern, citing a USA Today analysis. Courtesy overdraft has often become an important revenue driver for banks at the expense of the most vulnerable consumers, the article says.